3D Systems Announces Sale of Cimatron and GibbsCAM Businesses
Reinforces company’s focus as leading additive manufacturing solutions provider
3D Systems announced it has signed an agreement to sell Cimatron Ltd. and its related subsidiaries, which operate the Cimatron integrated CAD/CAM software and GibbsCAM CNC programming software businesses, to Battery Ventures, a global, technology-focused investment firm for a purchase price of $65 million, subject to certain closing adjustments. Cimatron and GibbsCAM will join a Battery-backed manufacturing portfolio that includes SigmaTEK Systems, a CAD/CAM software provider for the metal fabrication industry. This action is part of the company’s announced reorganization and restructuring plan, designed to focus the company on its strategic purpose as the leaders in enabling additive manufacturing solutions for applications in growing markets that demand high-reliability products.
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“Over the last several months, we’ve made significant progress in aligning our business to our core strengths to achieve growth,” said Dr. Jeffrey Graves, president and chief executive officer, 3D Systems. “With this announcement, we continue to demonstrate our commitment to focus on additive manufacturing, creating value through solutions designed to address our customers’ unique application needs.”
Completion of the transaction is expected to occur during the fourth quarter of 2020.
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Given the anticipated completion of the sale of the Cimatron and GibbsCAM businesses and the receipt of the proceeds from the sale, 3D Systems does not expect to issue shares of its common stock under its previously announced at-the-market equity offering program during the fourth quarter of 2020. Following the completion of the sale of the Cimatron and GibbsCAM businesses, the company plans to evaluate the continued need for the at-the-market equity offering program and may ultimately elect to terminate such program.